7 Principles on Building Wealth Taught in a Book Way Older than You

Considered a classic book on financial advice, The Richest Man in Babylon was published in 1926 by George S. Clason as a collection of parables from ancient Babylon. Almost a century from its first release, it still remains in print because of the valuable lessons it teaches regarding money.

1.  The Start: Keep 10 percent of your income

Simply put, you can start “fattening your purse” by saving 10 percent of your income. In the parable, Arkad uses an egg basket as an example. If you put 10 eggs in the basket in the morning and take 9 out in the evening, you’ll have one more extra egg for the next morning. Arkad likens this idea to saving money. If you are able to keep 10 percent of your income, you’ll slowly build up wealth.

2.  Control your expenses

Arkad teaches that though everyone has different labors and incomes, if they all equally have no money, it’s because they easily confuse desires with necessities. This also very much applies to our time today. The second principle, then, tells us to learn how to spend less than we make.

3.  Make your money multiply

If you want to build your wealth, it won’t do you any good to keep your savings untouched. What this means is that you should open up part of your savings to make investments. This simply means you have more than one way to gain income. Invest in stocks, look for real estate investments in Singapore, and etc.

4.  Invest smartly

Guard your money against loss by making smart purchases and investments. Arkad told a story about how he lost his savings because he gave it to a brickmaker who went to look for jewels as an investment. His mentor then asked him why he would go to a brickmaker who has no knowledge of jewels, and not the jeweler.

5.  Use your dwelling for profit

Let’s say you’ve attained a certain amount of wealth and you’re able to buy a small apartment building. You keep a part of it as your dwelling and you rent out the other rooms. This is another way for you to get money easily. Getting paid for rent is, of course, better than you paying for it.

6.  Guarantee a future income

As we all know, it becomes harder to work as we age. The sixth principle tells us to plan ahead of retirement. By keeping long-term investments, you’ll be confident that you can still get money even you’re no longer able to work.

7.  Learn, Learn, Learn

Simply put, if you have a lot of skills to offer, you’ll have more opportunities to work and earn. Building wealth comes with learning new skills. If you learn a new language, for example, you’ll be much more valuable in a business. That said, broaden your horizons and keep learning!

Tips to Master the Art of Concentration

Concentrating is challenging especially if there are a lot of things happening around us. When the world intrudes, it needs more than an ounce of concentration to get by. With the culture and technology here in Singapore, it is natural to get distracted but if you get distracted at all times, it is imperative that you learn the art of concentration.

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It is important that you learn the art of concentration to utilize your hours well. When you are distracted or interrupted, it takes a while to get back on the task. Sometimes, people get frustrated because it takes time to get back on their momentum. It will make you less efficient. You should be aware that everything will lead to re-work and more errors.

You have to make sure that this does not happen to you. Here are some tips to master the art of concentration:

  • Rise above the environment: If there is bad news in the corner, you will worry and be anxious. This is counter-productive. The best thing to do is rise above the environment and do what needs to be done. For example, if you are making your report, turn off the TV or radio and start working. If you want, you can unplug the router.
  • Positive affirmation: When you are about to lose focus, you have to try positive affirmation. You have to program your mind to think of work favourably. If you are positive about your work, there is nothing that can stop you to achieve or accomplish it. You just need to keep the rush of energy pumping and you’ll be fine.

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  • Accepting things: When you are bothered because you do not like your work, you cannot focus or concentrate. You can counter this by subconsciously accepting things that you cannot change but doing it courteously and not reluctantly.
  • Imagine your ideal self: If you think you cannot handle the world because it is too much for you, the best thing that you can do is imagine your ideal self. You should imagine yourself accomplishing that specific task and you will. You only need a little vision to work it out.

Distractions and interruptions are imminent here in Singapore. It is up to you how you deal it but if you want to deal with it professionally, you should consider the things mentioned above. It is not rocket-science but if you give these things a chance, you will see things differently. You can also share these tips to your fellow so the world will be a better place.

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